You may have noticed that in the ever-evolving gaming industry landscape, a new wave of tech-based trends has begun to emerge. Chief among them is the concept of Web3 gaming, but just what is this innovative new sector? Well, according to the experts, it has the potential to reshape the gaming industry by introducing interconnected, decentralised ecosystems that fuse together gaming and finance.
While that certainly sounds impressive, what does that mean for gaming enthusiasts like yourself? You’ll be glad to know that Web3 gaming isn’t quite as inaccessible as it sounds. In fact, it’s giving rise to exciting new gaming genres that stand to benefit you, the player. Read on to find out more!
Defining Web3 Gaming
In the simplest of definitions, Web3 gaming refers to a sector that blends gaming, finance, and decentralised technologies. What this means for you, as a gamer, is that you don’t just get to play immersive gaming experiences but you also have the opportunity to earn in these virtual worlds. You’ve probably already come across one of the key elements of Web3 gaming in Play to Earn (P2E) titles like Axie Infinity and Crypto Kitties.
Of course, Web3 innovations encompass a lot more than just gaming and entertainment activities. You could think of the entire sector as a “reimagining of how online interactions take place.”. What defines the sector are decentralised protocols and blockchain technology, which, when used together, empower users to generate and own digital assets.
When it’s applied to gaming, this creates a new breed of immersive experiences that give players true ownership and control over in-game items, characters, and even virtual worlds.
Enter GameFi
As mentioned above, one of the key concepts driving the emergence of Web3 gaming is that of play to earn, or GameFi.
GameFi itself is a combination of — you guessed it — gaming and decentralised finance, or DeFi. This fast-paced sector disrupts traditional gaming models by enabling players to actively monetise their time, skills, and creativity.
The concept of playing games for real money isn’t exactly a brand new innovation — you only have to look at the early days of online gaming to see the growth of the multi-billion dollar global gaming empire that is iGaming.
Online casino platforms have been instrumental in ensuring that traditional card and table games like roulette have been updated to appeal to a modern audience, with their digital formats offering a variety of gaming experiences. Plus, practices like sports wagering have become increasingly gamified in recent years.
Still, what makes GameFi different from other real money gaming sectors, and indeed the pay-to-play business models that underpin traditional video gaming, is the integration of decentralised digital assets like blockchain-verified Non-Fungible Tokens (NFTs).
When players earn items by playing GameFi titles, they receive them in the form of NFTs. The ownership of the assets then passes to players, enabling them to trade or sell them or even convert them into crypto and fiat currencies using cryptocurrency and blockchain exchanges. This effectively means that the items earned in P2E games have real-world value outside typical gaming ecosystems.
Web3 Games to Check Out
If you’re intrigued by Web3 gaming and fancy giving it a try, keep in mind that this is a rapidly expanding sector, and not all games will be created equal. In recent years, several reputable and genuinely interesting titles have been released. Check out the following round-up for the best Web3 games to get stuck into.
Illuvium Overworld
Rated Chainplay’s top NFT game in spring 2023, Illuvium is a highly engaging Web3 Interoperable Blockchain Universe encompassing several different experiences, from city building to an open-world RPG. The RPG game Illuvium Overworld definitely stands out as one to try, thanks to its immersive gameplay and the ability to earn native tokens.
Phantom Galaxies
This engaging “space simulator-meets-mech combat” title is currently DappRadar’s number 1 pick. Built on the highly dependable Polygon network, Phantom Galaxies is a narrative-driven game dishing out plenty of challenging missions and quests to enjoy, as well as a nice element of community building.
Parallel
For a Web3 gaming experience that’s a bit different, check out Parallel Studio’s imaginatively named Parallel. Putting a GameFi spin on collectible trading card games a la Magic: The Gathering, Parallel features a unique P2E experience in which players use their card abilities to win.